Comstock

What Comstock does

Comstock Inc. (NYSE American: LODE) is a Nevada-based clean energy and materials company that has pivoted from legacy gold and silver mining into solar panel recycling and critical minerals recovery, executed through its core subsidiary Comstock Metals LLC. Its proprietary thermal recycling process is the first in North America certified to the R2v3/RIOS Responsible Recycling Standard and is designed to recover 100% of panel materials (aluminum, silver, copper, gallium, silicon, tellurium, glass) with zero landfill output, processing one panel every seven seconds and up to 3.3 million panels per production line annually. The company is transitioning into full commercialization in 2026, with its first industry-scale 100,000-ton-per-year facility in Silver Springs, Nevada commissioning in Q2 2026, a DTSC-certified collection and aggregation hub in California's Central Valley, and a second facility announced in Cambridge, Ohio.

The business model combines a $500-per-ton tipping fee for end-of-life solar panel disposal with commodity sales of recovered metals, supported by Master Service Agreements with major utilities, solar developers, EPC firms, contractors, and electronic recycling aggregators in the US Southwest and beyond. Per-100,000-ton facility economics are reported at approximately $75M in revenue and $60M in cash flow at full utilization against ~$15M operating cost, with profitability achievable above 20% utilization. Beyond Comstock Metals, the company retains strategic investments in Bioleum Corporation (renewable fuels from biomass, spun off with $35M from Marathon Petroleum), Sierra Springs Opportunity Fund (42.57% stake in 2,200+ acres of Nevada data center real estate and water rights), and Green Li-ion (battery recycling), while the legacy mining subsidiaries are being divested to Mackay Precious Metals for over $45M.

Name

Comstock

Legal name

Comstock Inc.

Website

https://comstock.inc

Company type

Public

Founded year

2015

Headcount range

51–100 employees

Short description

Comstock Inc. (NYSE: LODE) is a Nevada-based clean energy company commercializing the first R2v3/RIOS-certified, zero-landfill solar panel recycling process, recovering silver, aluminum, copper, gallium, and glass for utilities, developers, EPC firms, and electronic recycling aggregators.

Ownership category

akta.pro rank

Product category

Solar Panel Recycling & Critical Materials Recovery

akta.pro primary industry

PV Module & Panel Recycling (Glass, Silicon, Metals Recovery) (EUAMALAA)

akta.pro secondary industries

Decommissioning, Recycling & End-of-Life Services (Module Recycling, Site Restoration) (EUACAGAM), PV Balance-of-System (BOS) Recycling (Inverters, Racking, Wiring, Transformers) (EUAMALAB), Circularity, Refurbishment & Resale (Used Modules/Turbines/Components) (EUAMALAK), PV & Energy Device Recycling (Solar Panels, Inverters, Power Electronics) (EUAIAIAL)

Keywords

• Solar panel recycling
• Critical materials recovery
• Photovoltaic recycling services
• Zero-landfill recycling
• Renewable metals extraction

Headquarters

HQ city

Virginia City

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Tipping Fees / Environmental Service Fees: Customers pay $500 per ton for the company's environmental service that eliminates their end-of-life solar panel liability immediately and completely. This represents the primary revenue driver, with one 100,000-ton facility capable of generating $50 million in tipping fee revenue annually.
2. Commodity Sales from Recycled Materials: Sale of recovered materials including aluminum, silver, copper, glass beads, and other critical metals extracted from decommissioned solar panels. Previously yielded approximately $250 per ton at $35 silver prices, with potential to reach $500 per ton at higher silver prices ($60+).
3. Silver Refining Revenue: Plans to deploy integrated refining solution to capture additional value from tailings. Currently selling tailings to refiners at 45-50% of silver value; self-refining would capture full value plus copper, silicon, gallium, and tellurium.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Comstock Inc. provides solar panel recycling and critical materials recovery services through its Comstock Metals subsidiary, extracting and converting reusable metals (aluminum, silver, copper, gallium, glass) from end-of-life photovoltaic panels using a proprietary zero-landfill thermal process. Customers pay tipping fees of $500 per ton for end-of-life solar panel disposal, and Comstock additionally generates revenue from the sale of recovered commodity materials. The company also maintains a legacy mining business (being divested) and strategic investments in renewable fuels, battery recycling, and Nevada real estate.

Product overview

Comstock Inc. operates as a diversified clean energy and materials company with two primary business segments. The core business is Comstock Metals, a solar panel recycling platform that extracts and recovers critical metals (silver, aluminum, copper, gallium, glass) from end-of-life photovoltaic panels using proprietary zero-landfill thermal processes. Comstock also maintains strategic investments in Bioleum Corporation (renewable fuels from biomass), Sierra Springs Opportunity Fund (Nevada real estate), and Green Li-ion (battery recycling). The company is in the process of divesting its legacy Comstock Mining subsidiary, which holds gold and silver assets in Nevada's Comstock District.

Differentiator

Problem solved

Functional benefit

Products and services

• Comstock Metals Solar Panel Recycling Services End-of-life solar panel recycling and critical materials recovery service using proprietary thermal processes to recover aluminum, silver, copper, gallium, silicon, and tellurium with zero landfill waste. Sold to enterprise utilities, solar developers, EPC firms, contractors, and asset owners under Master Service Agreements at $500 per ton tipping fees plus commodity sales of recovered metals.
• Comstock Mining Legacy Operations
• Bioleum Renewable Fuels Platform
• Sierra Springs Opportunity Fund Real Estate Vehicle
• Green Li-ion Battery Recycling Investment

Quantifiable outcome

• $50 million annual revenue from tipping fees per 100,000-ton facility at $500/ton
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• JobsOhiocoreGTM or Marketing Partner · 24 June 2026JobsOhio awarded $75,000 grant to support the Cambridge, Ohio solar panel recycling facility. Promotes economic development, business expansion, and job creation in Guernsey County.
• Ohio Southeast Economic Development (OhioSE)coreGTM or Marketing Partner · 24 June 2026OhioSE supported and assisted Comstock Metals through the process of establishing its Cambridge, Ohio facility and obtaining financial assistance.
• Cambridge-Guernsey County CICminorGTM or Marketing Partner · 24 June 2026Local economic development organization created by Guernsey County Commissioners supporting Comstock Metals' facility establishment in the community.
• Mackay Precious Metals Inc.coreStrategic or Co-development Partner · 22 June 2026Sale of 100% of Comstock's mining subsidiaries (Comstock Mining LLC, Comstock Processing LLC, Comstock Exploration and Development LLC, and Comstock Real Estate Inc.) for over $45 million. Transaction includes $20M cash, 2M shares of Mackay Gold & Silver, $7M second-tranche payment, and $10M contingent payment. Comstock retains 1.5% NSR royalty on all extracted minerals.
• Hexas Biomass Inc.coreStrategic or Co-development Partner · 3 December 2025Bioleum acquired Hexas Biomass Inc. to integrate high-yield energy crop solutions into its renewable fuels platform.
• RenFuel K2B ABcoreTechnology or Integration · 3 December 2025Bioleum acquired substantially all patents and IP assets of RenFuel K2B AB for $18.1 million, including patented catalytic esterification process for refining biointermediates.
• Virtus RenewablescoreStrategic or Co-development Partner · 24 June 2025Strategic solar recycling partnership announced June 2025 for collaboration on solar panel recycling services.
• Sierra Springs Opportunity Fund Inc. (SSOF)coreStrategic or Co-development Partner · 1 January 2025Comstock increased investment to 42.57% ownership, representing over 2,200 acres of primarily datacenter-centric Nevada real estate and water rights. Positions for higher value monetization.
• Great Basin Gas Transmission CompanycoreStrategic or Co-development Partner · 1 January 2024Guaranty agreement supporting surety arrangement of $22 million increasing to $54 million by December 31, 2027. Secured power equivalent to 250-300 megawatts supporting monetization of Nevada real estate investments.

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• SolarCycle: US-based solar panel recycling company operating high-throughput facilities with a focus on recovering silver, silicon, copper and glass. Direct competitor to Comstock Metals in the domestic end-of-life PV recycling market.
• ROSI Solar: Specializes in high-value material recovery from end-of-life solar panels, particularly silver and silicon. Operates in the same regulatory and customer environment as Comstock, serving solar asset owners and developers.
• Reclaim PV: Australian-founded solar panel recycling company with US expansion, recovering aluminum, glass, silicon and copper using mechanical and thermal processes. Competes for the same utility and developer recycling contracts.

Broad incumbents

• First Solar: Largest US-based thin-film solar manufacturer with established module take-back and recycling programs for its own products. As a vertically integrated incumbent, it sets standards and competes for end-of-life volumes.
• Veolia Environmental Services: Global environmental services giant operating waste management, recycling and remediation facilities across North America. Has expressed interest in PV recycling and brings significant regulatory and operational scale.
• Clean Earth (Harsco Corporation): Hazardous waste management and environmental services provider with extensive US recycling infrastructure. Potential platform for solar panel recycling expansion given existing permitting and customer relationships.
• Umicore: Global materials technology and recycling group with significant operations in precious metals recovery and recycling. Comparable for its closed-loop recovery of silver and other critical metals from end-of-life streams.

Emerging players

• Li-Cycle: Lithium-ion battery recycling company that addresses adjacent critical minerals recovery markets. Comparable as a publicly-listed critical minerals recycler targeting electrification supply chains, though focused on batteries rather than PV.
• Redwood Materials: Battery recycling and materials company backed by Panasonic and Tesla, focused on creating a closed-loop supply chain for critical battery materials. Relevant comparable for critical minerals recovery economics and end-market dynamics.

Others

• Green Li-ion: Strategic investment of Comstock and a lithium-ion battery recycling technology company. Adjacent vertical (battery vs. PV recycling) but shares the same end-market theme of recovering critical minerals from end-of-life electrification products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/comstockinc
• Facebookfacebook.com/ComstockMiningInc
• LinkedInlinkedin.com/company/comstock

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries10 records

Funding overview

Funding rounds20 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Comstock